About This Property
Newport Crossing is a grocery anchored retail center that presents a rare opportunity to acquire renovated shopping center space in the Newport News section of Hampton Roads, the largest metropolitan statistical area in the Commonwealth of Virginia. Located off a busy signalized intersection on the Denbigh/Warwick retail corridor, the center is eighty percent occupied by a stable long-term tenant mix of national and local retail tenants paying low market rents and further anchored by Riverside Health System (Eastern Virginia’s top health care provider), Food Lion, Dollar Tree, Citi Trends, USA Discounters and First Virginia Financial Services. It is a dense population and high traffic location with approximately 15,000 people reside within a one mile radius of the shopping center and nearly 80,000 within a three mile radius. The center lies between two major north/south routes Jefferson Avenue (Route 143) and Warwick Boulevard (Route 60) at the intersection of Denbigh Road (Route 173) - the main passageway to the retail trade area and local highways. The center offers numerous access points for more than 78,000 cars crossing the nearby intersection daily – one of the busiest intersections in Newport News. Rock-Solid Regional Economy. Newport News lies in Hampton Roads, home to the largest concentrated military presence in the United States, the largest naval base in the world and the third largest port on the East Coast. The Brooking Institution ranks the Hampton Roads economy as the nation’s second best performing economy throughout the recession. The current unemployment rate is only 5.4%. The largest industrial employer in Virginia is based in Newport News: Huntington Ingalls, a fortune 500 firm and a spin off from Northrop Grumman, builder of 70% of the U.S. Active Navy Fleet and of all U.S. nuclear powered aircraft carriers. CSX’s local eastern terminus rail line is a key import/export and supply distribution hub for the entire eastern U.S. and Canada. Recent major airport and university renovations and expansions and large mixed-use developments exemplify the area’s continued significant economic growth and development.